2009 Form W-2

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2009 Form W-2 Powered By Docstoc
					Florida International University
      HR Liaisons Meeting

         January 15, 2009
                    Agenda



– Introduction

– Payroll Audit
   – Audit Findings
   – Audit Action Plan

– Payroll Update

– FICA Alternative Plan

– Open Forum
Payroll Audit
                     Scope of Audit




– Fieldwork conducted from August 24, 2008 to October
  30, 2008
– Audit Period: January 1, 2008 through August 31, 2008
– Objective:
      – (a) time worked and leave taken were properly
         approved;
      – (b) adding or removing employees from payroll
         and executing pay rate changes were limited to
         appropriate personnel;
      – (c) payroll expenditures were reconciled properly
         and timely.
                  Audit Methodology



– Selected 24 Cost Centers out of 1,045
– Selected Cost Centers consisted of 790 out of 7,672
  Employees
– Selected 4 Pay Period
  – January 24
  – February 7
  – August 7
  – August 21
– 4 Pay Period totaled $41,382,084.00
Audit Findings
Audit Findings
   Audit Action Plan – Time Approval Process


– Post Guidelines on HR Website
– Targeted Communication to Time Approvers every
  three months
– Information will be presented in the monthly HR
  Liaison meetings periodically
– Human Resources will send area Vice President the
  list of Individuals that were not signed-off by Time
  Approvers and get them to assist the enforcement of
  timely approvals for their respective areas and
  request they go back to validate reported or non-
  reported work time and/or leave.
                    Audit Action Plan

– Nepotism
   – Employee and Labor relations will be contacting the
     affected employees and they must complete the
     nepotism form within two weeks

–Access Control
  – EV4 access will be restricted to the following
    schedule:
     – Monday through Friday 6:00 a.m. to 8:00 p.m.
  – Update Access Request Form to include EV4 request
Payroll Update
                          Payroll Update


–Form W-2:
   –The Form W-2 for 2008 will be mailed to your home by January
    31, 2009.
   –Electronic Form W-2 will be available on Employee Self Service
    (ESS) after January 31, 2009.
–Requesting Duplicate 2008 Form W-2:
                     - Available on-line through ESS after January 31,
                     2009.
       - Log on to ESS: https://portal.adp.com/public/index.htm
               - Paper copies can be requested after February 16,
               2009.
       - Use W-2 Replacement Form available on Payroll Website:
         http://www.fiu.edu/hr/formslibrary/payroll/w2replacement.pdf
               - Please specify if you would like the duplicate mailed or
                             picked up.
               - All duplicate requests will be processed within three
               business days.
FICA Alternative Plan
                FICA Alternative Plan


– IRS Approved Savings Plan for all Temporary
  Employees (exception: FT students)

– Allows employee pre-tax contributions of 7.5%
  earnings and tax-deferred growth as an alternative
  to Social Security tax.

– Medicare tax of 1.45% of earnings is not affected by
  the FICA Alternative Plan.
            FICA Alternative Plan



– No matching contributions from employer:
  6.2% savings on Social Security withholding

– FIU 1st year estimated savings: $1.5M

– No separate administrative fees
                       Employee Benefits

– Funds are 100% Vested Immediately
– Employee Beneficiary Designations
– Self-Directed Investment Options:
      –Guaranteed Pooled Fund - default account, interest-bearing
       3.85% as of 01/01/2009
      –17 no-load mutual fund platform


– BENCOR Administrative Services processes all account changes
– Account information accessible:

    –Internet: www.bencorplans.com

    –Customer Service: (888) 258-3422
             Paycheck Example



FICA without Plan                          FICA Plan
$      2,000.00       Gross Earnings      $ 2,000.00
$             -     FICA Plan Deposit     $ 150.00
$      2,000.00       Taxable Income      $ 1,850.00
$        198.75     Federal Income Tax    $   176.25
$      124.00       Social Security Tax   $       -
                    (employer savings)
$       29.00         Medicare Tax        $     29.00
    $1,648.25        Take-Home Pay            $1,644.75
       FICA Plan Implementation Process


– Mailing of packages to all temporary employees by
  Bencor

– Plan effective date: February 6, 2009

– 1st Deductions to take place February 27, 2009

– Communication for new temporary employees via
  HR liaisons and new hire package
                     Fund Withdrawals


• Separation from Service*
    ◦Participants can roll money to an IRA, 401(k),
    401(a), 403(b), etc.
• Retirement*
• Attainment of 70 ½ or retirement, if later.
• Total disability
• Death (beneficiaries)
* 10% tax penalty may apply to early withdrawals
  under IRS guidelines (Age 55 at service separation
  or age 59 ½)
          Participating Florida Universities




– University of Florida

– University of South Florida

– Florida State University

– Florida Atlantic University
        Open Forum




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